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The life sciences sector is a crucial component of Ireland’s economic landscape. Half of job announcements by overseas companies so far this year have been in this sector.

Global biotechnology firm Genzyme, whose products and services focus on cancer, kidney disease and rare, inherited diseases among others, has decided to invest €130m in its Waterford base, a move that will create 170 jobs over the next three years.

This IDA Ireland-supported investment is set to up the manufacturing capabilities of the Waterford company, while providing new high-skill jobs in engineering, quality and manufacturing.

Micheál Martin, Minister for Enterprise, Trade and Employment, said: “The life sciences sector is a crucial component of Ireland’s economic landscape. Half of the announcements and investments by overseas companies so far this year have been in this sector and in regional locations throughout the country.

"This is a significant investment both by Genzyme in their Irish operations. It is excellent news for the staff, potential new recruits and for Waterford and the southeast region," Minister Martin said.

The Minister was particularly enthusiastic about Genzyme's dramatic expansion to the point where it now employs almost 600 staff in Waterford.

"Since its arrival to Ireland in 2001, Genzyme has been a tremendous addition to the biopharmaceutical industry in Ireland. It has grown rapidly, meeting all its projections and exceeding its targets.

"This new investment is a strategically important one for Genzyme Ireland in terms of its position in the overall Genzyme Corporation," he added.

Dominic Carolan, vice-president and general manager, Genzyme Ireland, said: “This further expansion of activity at Waterford is due in very large part to the tremendous progress achieved to date by a growing team of talented, flexible and dedicated personnel who have shown great commitment to working together in a fast-changing environment to meet our expanding patient requirements."

Genzyme - which is based in Cambridge, Massachusetts, in the US - is one of the world's leading producers of specialist products for people with rare and inherited disorders. Genzyme established its Irish operation on a 31-acre site in Waterford in 2001 with an initial investment of €270m.

Debbie O'Halloran